Switchee announces £5 million investment from Octopus Ventures and AXA IM Alts, as it targets installing its mould and energy bill-reducing device in 1 million UK social homes
Switchee supplies tens of thousands of high-tech devices to over 130 social housing providers. The devices help to identify and prevent mould in homes, lower heating bills by up to 17%, and improve communications between residents and providers through a two-way platform that sees an 88% tenant response rate within 24 hours.
This latest investment will keep the business on track to be installed in 1 million UK social homes.
Switchee will continue to serve housing providers with real-time data, driving a new operating model in the sector with the proactive detection of mould or residents at risk of fuel poverty.
Improve the quality of life for millions
Elizabeth Froude, group chief executive at Platform Housing Group said:
“Switchee have worked with us for a number of years to enable better insights into how our residents use our homes and their energy. Our common objective is to improve the quality of life for those living in our homes, whilst helping them reduce their energy consumption and working in partnerships to achieve the journey to decarbonisation on a national scale is the only way to succeed.
“Bringing together like-minded partners and initiatives with aligned goals needs organisations like Switchee and Octopus Ventures, both of whom work with us on our journey to clean, energy efficient homes, and their depth of insight as part of the journey is catalytic.
“I look forward to what this next evolution will mean for all of us, but I am sure we will see further progress.”
Social Housing Decarbonisation Fund
Advancements will also be made in Switchee’s Trusted Installer Network, unlocking the supply chain, and deploying Switchee devices at scale through government-funded initiatives such as the Social Housing Decarbonisation Fund (SHDF).
In addition, the business remains committed to being the leading technology B-Corp in social housing, and will continue to invest in R&D to cut its environmental impact.
Tom Robins, chief executive of Switchee, said: “Switchee has been doubling year on year for the last three consecutive years. We are really proud of the Switchee journey, and the ethics and values we have built in the business are critical to us.
“We have had some great investor partnerships over the years and are thrilled to see AXA IM Alts further invest in us, and warmly welcome Octopus Ventures as a new investor. It is a sign of their trust in the team’s ability to execute our strategy; and we also see it as a stamp of approval in terms of the impact we are looking to achieve.
“The fleet of Switchee devices across the UK, delivering in excess of 16 billion data points each year, sees us leading the charge in working with social housing providers to beat some of the UK’s most difficult challenges; the continued cost of living crisis, the continued rise in fuel poverty and the continued battle we share to decarbonise our housing stock.
“I truly believe that through these partnerships, that we have a huge opportunity to improve the quality of life for millions.”
Mitigate climate change
Adam Fudakowski, founder and executive director of Switchee, said:
“We are delighted to partner with Octopus Ventures and are excited to further our relationship with AXA IM Alts. With social housing providers increasingly needing to demonstrate the safety of homes and quality of service they provide, this funding will help us further accelerate our scaling to ensure we can do more for our customers.
“Octopus Ventures, AXA IM Alts and Switchee share a common goal, to materially mitigate climate change. Switchee’s digital tools are proven to reduce energy consumption and our actionable insights empower landlords to achieve their decarbonisation strategies.
“With this funding, we will continue to develop our offerings in areas such as smart meter data integration and heat pump compatibility, to create even more positive social and environmental change.”
Edward Keelan, partner at Octopus Ventures, said:
“We’re excited to be joining Switchee on their journey and I’ve been impressed with the team’s strategy and vision. At Octopus Ventures we want to back entrepreneurs who share our values, and Switchee is a fantastic example: whether that’s their focus on helping to build a sustainable planet, improve social housing, or their status as a B-Corp. We’re looking forward to being part of what comes next.”
Enhance the energy efficiency of social housing
Jonathan Dean, head of fund management – Impact PE & Natural Capital at AXA IM Alts said:
“This latest funding represents our continued support to Switchee and belief in its mission to improve the lives of underserved communities and make the world more resilient to the effects of a changing climate.
“We are excited to support Switchee as it continues to grow its impact, leading the delivery of data-driven solutions to enhance the energy efficiency of social housing and delivering much-needed social and environmental change.”
